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Homeowners in New Britain -- brace yourselves -- a hefty property tax hike is being proposed.

The mayor announced the 7% tax hike in his budget presentation on Thursday, according to the New Britain Herald.

"No one, especially me, will be happy with this budget," said Mayor Timothy Steward. "Given the pressures we face as a city from all quarters, I believe that this proposed budget, which balances the burden between increasing property taxes and slashing services, is the best we can do under the very tough situation we face as a community."

The city has not had a property tax hike in 6 years. While 7% is huge, it could have been worse. The city's Finance Committee had called for a double-digit increase in the tax rate, the Herald reports.

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Among the possible cuts -- several million dollars from the Board of Education budget.

The council now has 60 days to make any adjustments to the mayor's budget.

Stewart told the council that his budget counts on state funding to remain the same. If there is any reduction, that could make things much worse.

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The Mayor also pointed to a massive increase in health care costs. The city is facing a $7 million increase in health care benefits for city employees by the city's insurer.

Stewart called the increase "unacceptable" and said he is looking for new bids for health care insurance.